国内英语新闻:Chinese ministries, local governments coordinate efforts to battle price hikes
Gao Fan, economics professor with Shanghai-based Fudan University, blamed speculation and excessive liquidity for surging prices of agricultural products in China.
He said that within the country part of the speculative capital, which moved to the agricultural market from the property market after the government fought property speculation, pushed up prices of agricultural products.
Further, the U.S. has pumped excessive money into the global market with its new round of quantitative easing monetary policy, which has resulted in rising prices of commodities, including grain, and helped import inflation to China, he said.
"If the excessive capital can't be effectively diverged, the situation may get worse," he warned.
China has been moving to mop up excessive liquidity to combat inflation. The People's Bank of China, the country's central bank, announced Friday it would raise capital reserve requirements by 50 basis points for its banks for the fifth time this year in order to "appropriately control" credit and liquidity.
Also, Sun Lijian, professor with Fudan University, said the government should continue to speed up increases in grain supplies, curbing speculation and adding strategic reserves to rein in additional fast gains in prices.
Chinese Vice Premier Hui Liangyu, during his inspection tour to Guangdong and Fujian, lasting from Monday to Friday, called for greater efforts to ensure sufficient supplies of major agricultural products to satisfy increasing demand and help raise farmers' incomes.
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